Sean Mcnealy Sells 35,854 Shares of Abacus Global Management (NYSE:ABX) Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Sean Mcnealy sold 35,854 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $8.13, for a total transaction of $291,493.02. Following the transaction, the insider directly owned 12,550,752 shares in the company, valued at approximately $102,037,613.76. This represents a 0.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Sean Mcnealy also recently made the following trade(s):

• On Tuesday, September 22nd, Sean Mcnealy sold 21,100 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total value of $169,011.00.
• On Monday, August 3rd, Sean Mcnealy sold 38,333 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total value of $395,213.23.

Abacus Global Management Trading Down 0.2%

Abacus Global Management stock traded down $0.01 during midday trading on Tuesday, reaching $8.04. The stock had a trading volume of 821,523 shares, compared to its average volume of 476,388. The stock’s 50-day simple moving average is $9.69 and its 200 day simple moving average is $9.52. Abacus Global Management, Inc. has a twelve month low of $5.00 and a twelve month high of $12.44. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $785.74 million, a PE ratio of 28.70 and a beta of 0.06.

Abacus Global Management declared that its board has authorized a stock repurchase plan on Friday, August 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ABX. Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Piper Sandler dropped their price objective on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Key Abacus Global Management News

Here are the key news stories impacting Abacus Global Management this week:

• Neutral Sentiment: A head-to-head comparison of Abacus Global Management and OLB Group was published, but the available information does not identify a specific new catalyst for ABX. Head to Head Contrast: Abacus Global Management vs. OLB Group
• Negative Sentiment: Major shareholder Matthew Ganovsky sold 81,312 shares across September 18, 21 and 22 for approximately $674,349. He still owned about 8.67 million shares after the transactions. The sales represented relatively small reductions in his position and were conducted under a 10b5b1 plan. SEC filing for Matthew Ganovsky transactions
• Negative Sentiment: Major shareholder Kevin Scott Kirby sold 81,500 shares over the same period for approximately $675,903. He retained roughly 12.53 million shares, making the sales a limited reduction in his overall stake. SEC filing for Kevin Scott Kirby transactions
• Negative Sentiment: Major shareholder Sean McNealy sold 56,954 shares on September 21 and 22 for approximately $460,504, while continuing to own about 12.53 million shares. Across all three shareholders, sales totaled approximately 219,766 shares worth $1.81 million. SEC filing for Sean McNealy transactions

Institutional Investors Weigh In On Abacus Global Management

Hedge funds have recently modified their holdings of the stock. Royce & Associates LP purchased a new position in Abacus Global Management in the 4th quarter worth approximately $16,992,000. Alta Fundamental Advisers LLC purchased a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $9,385,000. Ashford Capital Management Inc. purchased a new stake in shares of Abacus Global Management during the first quarter valued at approximately $6,815,000. QTR Family Wealth LLC acquired a new position in shares of Abacus Global Management during the fourth quarter worth $5,110,000. Finally, Kennedy Capital Management LLC acquired a new position in shares of Abacus Global Management during the fourth quarter worth $5,342,000.

Abacus Global Management Company Profile

Abacus Global Management, Inc (NYSE: ABX) is an alternative asset management company focused on longevity-related assets, including life insurance policies. Through its platform, the company acquires life insurance policies from policyholders, provides liquidity to policy sellers, and manages portfolios of policies through maturity or other disposition.

The company’s activities include life settlement origination, policy servicing, portfolio management and investment management. Its business is designed to provide institutional and other investors with access to the life settlement market, in which investment returns are linked in part to policy values and the longevity of insured individuals.

Abacus Global Management traces its operating roots to Abacus Life, a life settlement provider established in 2004.